Coca-Cola slump leads share market slide

Coca-Cola says it is experiencing weakness in Australia and Indonesia.

Yonhap: AAP

A double digit slump in Coca-Cola Amatil shares has been the major fall in a declining market.

The food and beverage manufacturer had dropped 13 per cent to $9.92 by 10:45am (AEST), after it flagged a 15 per cent decline in first-half profits compared to the same time a year earlier.

The company's new managing director Alison Watkins has just finished a review of the company in her first six weeks in the job.

"At the full year result in February, we highlighted that we were concerned by the generally weak consumer confidence and spending environment in Australia and that we faced challenges in Indonesia with substantial cost inflation," she said in a statement.

"The group has experienced comparative weakness in both Australian beverages and Indonesia and at this stage expects first half 2014 Group EBIT before significant items to decline by around 15 per cent over the prior comparable period. At this early stage of the year, expectations would be for challenging trading conditions to continue."